Weiss Asset Management LP Makes New Investment in Molson Coors Beverage Company $TAP

Weiss Asset Management LP acquired a new position in shares of Molson Coors Beverage Company (NYSE:TAP) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 472,592 shares of the company’s stock, valued at approximately $20,350,000. Weiss Asset Management LP owned about 0.25% of Molson Coors Beverage at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of TAP. State Street Corp raised its holdings in Molson Coors Beverage by 19.2% during the third quarter. State Street Corp now owns 10,516,810 shares of the company’s stock worth $475,886,000 after acquiring an additional 1,693,682 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Molson Coors Beverage by 10.4% in the first quarter. Dimensional Fund Advisors LP now owns 8,363,157 shares of the company’s stock valued at $360,117,000 after purchasing an additional 790,314 shares in the last quarter. Invesco Ltd. increased its position in shares of Molson Coors Beverage by 1.2% during the 4th quarter. Invesco Ltd. now owns 4,485,000 shares of the company’s stock worth $209,360,000 after purchasing an additional 54,456 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Molson Coors Beverage by 16.4% during the 1st quarter. Bank of New York Mellon Corp now owns 3,326,427 shares of the company’s stock worth $143,236,000 after purchasing an additional 469,607 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Molson Coors Beverage by 265.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,922,022 shares of the company’s stock worth $136,400,000 after purchasing an additional 2,122,085 shares in the last quarter. Institutional investors own 78.46% of the company’s stock.

Analyst Upgrades and Downgrades

TAP has been the subject of several recent analyst reports. Zacks Research raised Molson Coors Beverage from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. TD Cowen upgraded shares of Molson Coors Beverage to a “hold” rating in a report on Friday, June 26th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Molson Coors Beverage in a research report on Wednesday, June 24th. JPMorgan Chase & Co. cut their price target on shares of Molson Coors Beverage from $45.00 to $43.00 and set a “neutral” rating for the company in a research note on Monday, April 27th. Finally, BNP Paribas Exane decreased their price objective on shares of Molson Coors Beverage from $36.00 to $35.00 and set an “underperform” rating for the company in a research report on Wednesday, June 3rd. Four analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $44.00.

Molson Coors Beverage Price Performance

NYSE:TAP opened at $40.98 on Friday. Molson Coors Beverage Company has a 12-month low of $38.04 and a 12-month high of $54.82. The firm has a market capitalization of $7.69 billion, a price-to-earnings ratio of -3.85 and a beta of 0.42. The stock’s 50 day moving average price is $40.26 and its two-hundred day moving average price is $44.07. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.38.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Friday, May 1st. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.36 by $0.26. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.33 billion. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 EPS. On average, analysts anticipate that Molson Coors Beverage Company will post 4.78 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, August 28th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Friday, August 28th. Molson Coors Beverage’s payout ratio is -18.05%.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,245 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $42.50, for a total value of $52,912.50. Following the transaction, the director directly owned 9,871 shares in the company, valued at $419,517.50. The trade was a 11.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.27% of the stock is currently owned by company insiders.

Molson Coors Beverage Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.